Nike Revenue Climbs 8% To $7B

Nike Inc. (NYSE:NKE) announced its financial results for the first quarter of fiscal year 2014, reporting positive growth in revenue and earnings. Nike revenues climbed 8% to $7.0B while its earnings increased 33% to $780M, or $0.86 per share. Sales in China fell 0.52% to $574M while future orders grew 3%. Revenue elsewhere in the world was up, including the United States with 9% and Western Europe by 11%. Nike has also been taking steps to improve its position in an effort to boost sales at next year's World Cup, marketing a soccer cleat by a Brazilian soccer star. The company's gross margin improved, despite its projections of remaining flat, from 43.7% to 44.9%. During this quarter Nike bought back 8.4 million shares valued at $526M as part of its multi-year, $8B stock repurchase program.

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